Thursday was no fun for G. Kennedy Thompson, as the board decided it was time for him to step down as chairman at Wachovia. However, he hasn't been voted off the island just yet.

Despite calls by numerous shareholders to break up Citigroup and spin off poorly performing businesses, it looks like CEO Vikram Pandit will be taking his cues from Al Green today: Let’s stay together. As reported by the New York Post...

The New York Post reported today that UBS is facing serious scrutiny by the SEC and the DOJ to determine whether or not the bank aided clients in committing tax evasion from 2000 to 2007. Maybe Wesley Snipes was a client?

State high court rules that an "adopted-out" child is not entitled to inherit her biological mother’s estate

Charles Schwab, Fidelity, TD Ameritrade and Pershing will soon have a new and powerful rival to worry about, while the hybrid broker/independent RIA model should get a major boost. The largest independent b/d in the U.S., LPL Financial, announced...

Bank of America Corp. just got about $10 million poorer. Its broker/dealer, Banc of America Investment Services Inc., settled charges today that it failed to disclose that it favored mutual funds affiliated with the firm.

Every rep loves American Funds: The fund family—the nation’s largest, with $1 trillion in assets—offers decent performance for relatively inexpensive fees.

While Smith Barney tries its darnedest to hold on to the money of wealthy clients that were invested in two of the firms’ failing hedge funds (subscription required), it’s also having a hard time keeping some of its best brokers. With...

In case you missed it this weekend, here is a story from the New York Times that seems pretty much right on the money.

Bank of America posted a whopping 77-percent drop in first quarter net income today, down to $1.21 billion, or 23 cents a share. The sharp drop in earnings was the result of $1.9 billion in write-downs for the quarter—$1.47 billion on...